About This Fund
PCIP I CI Coinvest, LP is a co-investment vehicle established alongside Pennybacker Critical Infrastructure Partners I (PCIP I), the inaugural infrastructure fund of Pennybacker Capital Management, an Austin, Texas-based alternative asset manager with approximately $4.8 billion in assets under management. The co-investment vehicle enables select limited partners to invest directly in individual transactions alongside the main PCIP I fund, with the vehicle raising $199.25 million in capital commitments as reported in its SEC Form D filing amended on June 11, 2024. Pennybacker’s broader infrastructure platform secured total commitments of over $700 million upon its final close on September 17, 2025.
PCIP I CI Coinvest employs a lower-to-middle market, value-add equity strategy focused on contracted, hard asset critical infrastructure businesses in the United States, with particular emphasis on companies providing essential services with recurring, contracted cash flows and substantial real asset bases. Targeted sectors include advanced wastewater treatment and water reuse, liquefied natural gas supply and gas-to-power solutions, and distributed low-carbon power generation. The fund’s geographic focus spans the Southeast United States, Texas, and the Caribbean, targeting critical infrastructure providers that serve real-asset intensive operating businesses.
The broader PCIP I platform, of which this co-investment vehicle is a component, completed its first investment in August 2023 and attracted a globally diversified institutional investor base comprising pension funds, insurance companies, endowments, foundations, and family offices. The overall platform raised $430 million in the primary fund alongside $285 million in co-investment capital, with the final platform close on September 17, 2025. The fund is managed by Pennybacker Critical Infrastructure Partners I GP, LLC, under the leadership of Tim Berry (Founder, CEO, and Co-CIO), Sam Warfield (Head of Infrastructure), and Andrew Knox (Head of Capital Formation).